150m EGP to be pumped into Egyptian ICT start-ups
BUSINESS| Nov. 7, 2012, 9:26 a.m.
Egypt’s Information Technology Industry Development Agency (ITIDA) has signed a cooperation agreement with the National Bank of Egypt (NBE) worth 150 million EGP.
This sum is the total value of loans to be offered by NBE for supporting small and medium-sized enterprises in the ICT sector.
The agreement aims at providing the necessary funds for ICT SMEs registered in ITIDA’s database and helping them get merged in bigger entities. The partnership will also finance the operations related to these mergers and to collaborate in preparing training workshops in order to urge financial institutions to expand their provision of financing and non-financing services to ICT SMEs.
Ms. Soha Suleiman, Head of the SMEs Group at NBE, said the bank was paying special attention to the development of SMEs. She said SMEs now totalled two million, 98% of the total companies operating in the Egyptian market, and contribute to about 85% of the gross national product (GNP).
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